09Jul

PAGSA Newsflash 2022-03 previously discussed the simpler changes made by the 2021 tax amendment Acts, but there are two complicated amendments that require further clarification. These amendments include the extension to the reduction of the value of the ‘long services award’ and the amendments to the ETI Act’s definition of “monthly remuneration”. Unfortunately, there are currently no answers to these issues as they arose from late changes made by the Standing Committee of Finance to the final Taxation Laws Amendment Bill. Discussions with the authorities have been ongoing, and SARS is working to clarify the uncertainties and provide solutions to implementation problems. PAGSA hopes to have clarity by the end of this week and will issue Newsflashes immediately to update readers. We apologize for any pressure this may place on readers and their development teams. For more information, please visit https://www.pagsa.org.za/2023/06/10/nf-2022-09-final-tax-changes-pending-clarification/.